The gap between rich and poor could widen further if the federal government keeps shifting the costs of its current spending to the next generation.
So says Fortune, in a guest column by Bill White, former Houston mayor and chairman of Lazard Houston. White notes the non-partisan Congressional Budget Office estimates federal interest payments on the debt will soar from $415 billion in 2014 to $1.1 trillion in 2023.
Accordingly, he says, “it is hard to deny that rising debt gives creditors a larger claim on future federal tax revenues. By 2023, debt service will absorb 45 percent of all personal and corporate income tax revenues, leaving less available to pay for anything else.”